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3 ways to party like a Chartered Accountant…

If you think accounting is a dull but necessary task in business, think again.

It’s no secret, that our profession has taken some jibes over the years… Even a renowned brand of New Zealand bottled water has suggested accountants need to take on the persona of a dolphin trainer on a night out to be perceived as exciting….

Here at Johnston Associates South Chartered Accountants we like to think we’ve broken free from the stigma of the stuffy, old school, accounting mould. We’re confident that we can show you a really great time… In business of course!

To get the party started, we encourage you to think more like us… Here are our top 3 tips for thinking like an accountant.

Ask a lot of questions – Let’s be honest nobody likes the creep at the party who talks only about them self, so it’s great to ask questions at a social gathering. Let your business mirror your social life and always ask questions… Analytical thinking is the key to preventing costly mistakes in business. It will help you evaluate worst-case scenarios and allow you to make informed decisions. If you need somebody to shoot the breeze with, have a conversation with us, we might even have thought of a few questions you haven’t.

Buy a round, only if you can afford to – Budget for everything in business. You’d be unlikely to shout a crowd of people a drink if you knew your bank account was empty, same goes for business. Budgeting and forecasting are imperative in order to manage cash flow. If you’ve never prepared a financial forecast before, it’s something we can help you with. You’ll be astounded by the clarity this process gives you.

Don’t let things get out of hand – We’re all for a great night out, but if the party starts to reach fever pitch you may need to throttle back… Knowing how to manage risk is essential in business accounting. There’s a fine line though, between weighing up risk and stifling entrepreneurship. If you’re looking to step into a new business, or implement a new product or service in your current market. It’s important to know how this will affect the rest of your business. Our specialist business consulting division can help you assess the impact of your new idea on your current resources, assessing risk and allowing your business to grow sustainably.